NEW YORK — Economic uncertainties may have prompted beauty mavens to develop a "skimp and splash attitude," whereby their consumer behaviors have changed for the long term.
According to new research released by Mintel, more than one-third (32%) of U.K. adults said that they have not changed their beauty shopping habits in 2010, while 26% said that they were spending less. Mintel also reported that more U.K. adults "shop around," with 10 million (or 40%) comparing prices on products and 7 million shoppers (14%) reporting that they bought a lot more special offers, promotions and discounts.
Despite these statistics, however, Mintel noted that total beauty spend had risen from £15.4 billion ($25 billion) in 2009 to £16.8 billion ($27.3 billion) in 2010, well above prerecessionary levels, showing that consumers still are willing to spend on such small luxuries as beauty products.
“The recession has encouraged a cost-conscious attitude to everyday beauty lines in Britain, with consumers looking for value and offers where they can," said Hilary Monk, senior analyst at Mintel. "However, at the same time, as consumers actively manage their budgets, they have developed a ‘skimp and splash’ pattern of shopping behavior whereby they look for affordable treats to supplement their economizing attitudes.”